Paddy Power Betfair in talks to buy Fanduel

The ruling sent shares in Paddy Power, GVC and William Hill up as much as 12pc on Monday.

The announcement makes it clear that for now the company has simply expressed its interest in the deal and no agreement has yet to be reached between Paddy Power Betfair and FanDuel. They now have a GBX 7,500 ($101.74) target price on the stock. Paddy Power's stock was up 1.1pc at £78.50 in morning trade. Peel Hunt's target price would suggest a potential downside of 3.35% from the company's previous close. Deutsche Bank restated a "buy" rating on shares of Paddy Power Betfair in a research report on Friday, March 9th. Paddy Power Betfair now has an average rating of "Hold" and a consensus target price of GBX 7,627.50 ($103.47).

Paddy Power Betfair claim that a potential deal would see a combination of the groups United States based businesses with FanDuel.

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PPB opened at GBX 7,255 ($101.19) on Monday.

UK-based bookmaker business Paddy Power Betfair has announced its interest in expanding its own USA operations through an arrangement with FandDuel, the US-based fantasy sports wagering company. Paddy Power Betfair has a one year low of GBX 6,572.50 ($89.15) and a one year high of GBX 8,967 ($121.64). The company operates through Online, Australia, Retail, and USA segments.

FanDuel previously stated its intention to launch a sports betting service should the Supreme Court overturn the federal 1992 Professional and Amateur Sports Protection Act (PASPA), which has blocked more states from offering regulated sports betting.

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